Quanta Services, Inc. · NYSE:PWR
Quanta Services — Investor Presentation (June 2026)
53 slides from Quanta Services's investor presentation, Jun 15, 2026
Slide 1: Investor Presentation
June 15, INVESTOR PRESENTATION 2026
Slide 2: Notice To Investors
Notice To Investors This presentation (and oral statements regarding the subject matter of this presentation) includes forward-looking statements intended to qualify under the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking stat
Slide 3: Key Takeaways
Leading provider of integrated infrastructure solutions, powered 1 by North America’s largest craft-skilled labor force and strategic supply chain capabilities Established long-term track record of operational excellence, 2 accretive capital deployment, improving returns on capital and consistently
Slide 4: Quanta is North America's Premier Critical Infrastructure Solutions Provider
+25% Quanta is North America’s Premier 10-year Adjusted EPS CAGR Critical Infrastructure Solutions Provider $48.5B Total Backlog at 1Q26 Industry leading Best-in-class safety High-performance, operating model and training programs collaborative culture +69K # of employees ending 2025 $6.0B Leading s
Slide 5: Consistent Long-Term Track Record Of Compounding Profitable Growth
Consistent Long-Term Track Record Of Compounding Profitable Growth Solutions-based and collaborative Portfolio approach 25% 19% 14% and diversity helps to mitigate risk Adjusted EPS¹ Adjusted EBITDA¹ Revenue 2015-2025 CAGR 2015-2025 CAGR 2015-2025 CAGR Unique customer delivery model 14% 316 bps 710
Slide 6: Compounding Model
Compounding Model Driving Sustainable Advantage And Success DEL MO SU N IO PP SIT LY CORE ACQUI CHA A critical part of our performance and success is driven by Quanta’s Compounding Model, the IN foundation of which is based on our relentless focus on people and dedication to craft labor CRAFT LABOR
Slide 7: Durable Model Delivering Speed And Certainty In A Rapidly Transforming World
Durable Model Delivering Speed And Certainty In A Rapidly Transforming World CONTRACTOR APPROACH THE QUANTA SOLUTION Customer identifies need for an No Intermediary 1 infrastructure project QUANTA HAS Quanta’s comprehensive solutions are construction-led from the outset, working ADVANCED AND collabo
Slide 8: Our Compounding Model Drives Performance And Success
Our Compounding Model CRAFT LABOR & CULTURE Drives Performance And Success COMPETITIVE DIFFERENTIATION & VALUE-ADDED SOLUTIONS CERTAINTY Our Craft-Skill + + Supply Chain and + = A Culture of Integrated Solutions CORE acquisitions capabilities have Compounding profitable Excellence is our drives cust
Slide 9: Unprecedented Demand For Craft Labor
Unprecedented Demand For Craft Labor Demand for Skilled Trade Workers Expected to Soar by 2030 Under High-Growth Scenario1 Structural Workers & Welders Demand for skilled trade workers is expected to Construction Laborers increase dramatically, Heavy Equipment Operators putting critical infrastructu
Slide 10: Industry Leading Craft-Skilled Labor Innovation Spans Decades
Industry Leading Craft-Skilled Labor Innovation Spans Decades 1997 2015 2018 2021 Quanta Founded on Quanta Advanced Training Quanta Acquires Northwest Quanta Established Nationwide Craft Labor Access Center Established Lineman College Standard for Professional Identifies craft underinvestment 2,300-
Slide 11: Focused Strategy To Advance Our Craft Labor Differentiation
Focused Strategy To Advance Our Craft Labor Differentiation STRATEG IES ARE IN PLACE TO ADVANCE QUANTA’S ABILITY TO SCALE CRAFT LABOR CAPACITY, STRENGTHEN LEADERSHIP AND RECOGNIZE TOP TALENT ACROSS THE ORGANIZATION CULTURE CAPACITY CAPABILITY ACCELERATORS Contributes to Building a Developing Field-
Slide 12: Labor Flexibility Enables Growth And Certainty
Labor Flexibility Enables Growth And Certainty CROSS-MARKET LABOR FLEXIBILITY ENABLES RAPID REDEPLOYMENT ACROSS END MARKETS Growth Utility Scale Battery Large Load Gas LABOR TYPE T&D Substations Solar Storage Center Generation Midstream Labor flexibility allows Quanta to scale rapidly into growing E
Slide 13: Construction-led Infrastructure Solutions Through Portfolio Approach
Construction-led Infrastructure Solutions Through Portfolio Approach Revenues - 2026E(1) 81% Electric Infrastructure Solutions 19% Underground Utility & Infrastructure Solutions Gas Pipeline Downstream Energized Distribution Integrity Industrial Transmission Distribution Substation Services Services
Slide 14: Supplemental Revenue Disclosure
Supplemental Revenue Disclosure % of 2025 2026E Key Markets Quanta Revenue Outlook Commentary Revenue Growth • Load growth and infrastructure modernization is driving base business growth; electric grid activity higher than gas utility Electric Grid & Gas Utility ~50% 10% - 20% • Larger, high-voltag
Slide 15: High-Quality and Diverse Customer Base With Critical Assets
High-Quality and Diverse Customer Base With Critical Assets WE PROVIDE SERVICES ACROSS OUR REPORTING SEGMENTS TO MANY OF THESE CUSTOMERS SELECT CUSTOMERS – Many of Our Customer Relationships Span Decades LOW CUSTOMER CONCENTRATION Electric Grid & Gas Utility Largest customer accounted for Power Gene
Slide 16: Revenue Mix – Strategically Focused, Operationally Diverse
Revenue Mix – Strategically Focused, Operationally Diverse 2025 CONSOLIDATED REVENUES = $28.5 BILLION 2025 Revenues By Segment 2025 Revenues By Customer Type (Est.) ~83% of 2025 revenues Electric Infrastructure Solutions from utility, power, Segment technology, 81% manufacturing and Technology, comm
Slide 17: Portfolio Approach And Diversity Of Revenue Helps Mitigate Risk
Portfolio Approach And Diversity Of Revenue Helps Mitigate Risk 2025 CONSOLIDATED REVENUES 1 = $28.5 BILLION Estimated Revenue by Geography Estimated Revenue by Project Type Estimated Revenue by Contract Type Large Unit Price Cost Plus Project 23.8% & Other Repair, Replace New 15.6% United States &
Slide 18: Growing Electrification And Grid Modernization Demand Are Causing Increasingly Complex Challenges
Growing Electrification And Grid Modernization Demand Are Causing Increasingly Complex Challenges INDUSTRY CHALLENGES Underinvestment Highly constrained grid Explosive load growth in craft labor and generation capacity not seen in decades Insufficient training pipelines and Interconnection backlog,
Slide 19: Significant Total Addressable Market (TAM) Expansion Requires New Solutions
Significant Total Addressable Market 2026-2030 TAM (TAM) Expansion Requires New Solutions DRIVEN BY END MARKET GROWTH AND EXPANDED Estimated Total Addressable Market1 Per SOLUTIONS Sector, Cumulative 5 Year, $B 2,365 Quanta uniquely addresses an +140% estimated 1020 Growth across sectors +143% from
Slide 20: Utility Relationships Position Us As Leading Solutions Partner To A ~$1.5 Trillion TAM
Our Utility Relationships Position Us As The Leading Solutions Partner To A ~$1.5 Trillion TAM Through 2030 Estimated Total Addressable Market1 across Utilities, 2026-2030, $B Aging infrastructure continues to drive ~1,500 sustained growth in utility capex Electrification and load growth Utility & G
Slide 21: Significant Grid Modernization And Hardening
Significant Grid Modernization And Hardening WIDESPREAD NEED FOR GRID MODERNIZATION AND HARDENING – MAINTENANCE, UPGRADE, REPAIR AND REPLACEMENT Estimated U.S. Aging-Asset Refurbishment Need Grid Hardening is a Significant and Growing Capex Driver • Transmission that needs to be replaced after 50 to
Slide 22: Large Load Facilities Require Complex Infrastructure And Power Generation Solutions
Large Load Facilities Require Complex Infrastructure And Power Generation Solutions That Quanta Is Uniquely Suited To Provide Broad-Based Load Growth Across … Quanta Brings Innovation And Multiple End-Markets1 Industry Leading Solutions At Scale Power Generation Large Load Facility • Renewables (e.g
Slide 23: Our Expanded Capabilities Position Quanta For The Converging Large Load Market
Our Expanded Capabilities Position Quanta To Provide Solutions For The Converging Large Load Market Estimated Total Addressable Market1 for Large- Load Facilities 2026-2030, $B Electrification is increasing large-load 885 demand across industries Large-Load Facilities Technology and automation (and
Slide 24: Positioned To Capture The Majority Of Craft-Led Spend On A Data Center
Positioned To Capture The Majority Of Quanta’s Estimated TAM Craft-Led Spend On A Data Center ~$13.5M Per MW (Excludes outside-the-fence Power & Electrical Infrastructure) Quanta Capabilities 5-10% 10-15% Power & Electrical MEP Equipment Procurement Infrastructure (PDUs, cooling tower, AC units, UPS
Slide 25: Craft Resources And Utility Relationships Unlock Growth And TAM Expansion Opportunities
Quanta’s Craft Resources And Utility Relationships Unlock Growth And TAM Expansion Opportunities Our Integrated Solutions are Unmatched driving customer success and Craft Resources our ability to expand our TAM Unlocks power sector growth ~$1.5T 1,3 • Grid investment Utility Growth • High voltage tr
Slide 26: Strategic CORE Acquisition Model Driving Value
Culture C We honor and preserve the local identity, reputation and leadership that made the acquired company a success Strategic CORE Acquisition Model Owner-Operators Driving Value O We value owner-operators with an entrepreneurial drive and instinct, who thrive in a decentralized model Quanta’s st
Slide 27: Strategy Drives Our Proven Track Record Of Value Creating Acquisitions
Strategy Drives Our Proven Track Record Of Value Creating Acquisitions STRATEGY ACQUISITIONS & INVESTMENTS MADE TO ENABLE STRATEGY 765kV & High Voltage Transmission Generation Large Load Centers Supply Chain Quanta has a proven track record of deploying capital to acquire high-quality, proven compan
Slide 28: Strategy Drives Financial Consistency And Durability
Craft Workforce Built for Versatility Strategic investment in craft-led capabilities has expanded portfolio versatility, 1 with recent electrical and mechanical platform acquisitions serving as meaningful accelerants — backed by best-in-class operators with proven track records. Capital Discipline a
Slide 29: Strong Track Record Of Driving Compounding Growth
Strong Track Record Of Driving Compounding Growth Revenue Total Backlog(1) ($ in Billions) ($ in Billions) 14% 17% CAGR CAGR $28.5 $23.7 $44.0 $20.9 $34.5 $17.1 $30.1 $24.1 $11.2 $12.1 $11.2 $13.0 $19.3 $7.6 $7.7 $9.5 $12.3 $15.0 $15.1 $9.4 $9.7 $11.2 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '15
Slide 30: Multiple Levers To Compound Attractive Adj. EPS Growth
ACHIEVABLE TARGET Multiple Levers To Compound THROUGH A COMBINATION OF: Attractive Adj. EPS¹ Growth Organic Growth 7%-10% TARGET FULL STACK Adj. EBITDA Margin Expansion Up to 80 bps Capital Deployment $21.60-$26.75 1.5-2.0x Leverage Supply Chain Solutions $10.75 Active Market Opportunities +20% 765k
Slide 31: Operating Strength and Disciplined Capital Deployment Driving Expanding Returns
Operating Strength and Disciplined Capital Deployment Driving Expanding Returns BILLIONS DEPLOYED IN STRATEGIC ACQUISITIONS WHILE ROIC EXPANDED — DEMONSTRATING THE QUALITY OF OUR EXECUTION AND CAPITAL ALLOCATION ROIC¹ Key Takeaways 12%-15% Expect to meaningfully 12.0% improve ROIC over the next five
Slide 32: Robust Cash Generation Coupled With Leverage Capacity Amplifies Return Opportunities
Robust Cash Generation Coupled With Leverage Capacity Amplifies Return Opportunities Free Cash Flow (FCF) • FCF conversion has improved over last 5 years, and we Conversion (FCF / Adj. EBITDA)1 expect continued progress from working capital efficiency as demand for our solutions and supply chain cap
Slide 33: Balance Sheet Strength Provides Flexibility
Balance Sheet Strength Provides Flexibility STRONG FINANCIAL FOUNDATION ($ in millions) 12/31/2023 12/31/2024 12/31/2025 03/31/2026 Cash and Equivalents $1,290 $742 $440 365 Net Debt / Other Debt 126 176 254 206 Adj. EBITDA(2) (March 31, 2026) 1.91X 0.95% Sr. Notes due Oct. 2024 500 -- -- -- 4.75% S
Slide 34: Debt Maturities and Capital Structure
Debt Maturities and Capital Structure INVESTMENT GRADE WITH ATTRACTIVE CAPITAL STRUCTURE Debt Maturities(1) (March 31, 2026) • Well positioned balance sheet Amounts shown in millions 2.90% with long-term capital structure Senior at attractive interest rates Notes $1,000 Term Loan 5.25% • Cash flow s
Slide 35: Flexible And Strategic Capital Allocation
Flexible And Strategic Capital Allocation OPPORTUNISTIC AND DISCIPLINED APPROACH 2021 – 2025 Sources & Uses of Cash Capital Deployment Priorities (Amounts in millions) $12,150 $11,893 $237 Dividends 1 Organic Growth • • Working Capital Capex 2.0% 2.7% $317 $329 $535 Investments Stock Repurchases Pay
Slide 36: Quanta Is Focused On Long-term Corporate Responsibility And Sustainability
Quanta Is Focused On Long-term Corporate Responsibility And Sustainability PEOPLE PLANET PRINCIPLES • Safety drives everything we • Facilitating efficient and • Board-level oversight of do – our employees are safe delivery of clean sustainability-related our #1 asset energy and the migration matters
Slide 37: 2024 Sustainability Report
2024 Sustainability Report Quanta's 2024 Sustainability Report provides information about our sustainability strategy and how we are measuring the continued progress we made in 2024. Titled “Power," the report highlights how Quanta is a leader in an industry that is going through its most significan
Slide 38: Our Sustainability Strategy
Our Sustainability Strategy Through our leading role in building critical energy infrastructure, our vision is to leave a measurable, sustainable legacy on people and our planet with a steadfast focus on our customers, employees, and communities. At Quanta, sustainability means creating a lasting po
Slide 39: 2024 Highlights
2024 Highlights IMPACT OUR FOOTPRINT SOCIAL In 2024, Quanta added 12 GW of Driven by a change in business mix, 47% decrease in “Stuff That Kills utility-scale renewable capacity we met our goal to reduce our You” (STKY) actual rate since 2019 (wind, solar, battery energy storage Scope 1 CO₂ intensit
Slide 40: Connect With Quanta Services Social Media Channels
CONNECT WITH QUANTA SERVICES SOCIAL MEDIA CHANNELS @QuantaIR @Quanta_Services Quanta Services, Inc. INVESTOR CONTACT CORPORATE OFFICE Kip Rupp, CFA, IRC 2727 North Loop West Houston, TX 77008 Vice President – Investor Relations 713-629-7600 713-341-7260 www.quantaservices.com Sean Eastman Director –
Slide 41: Cautionary Statement About Forward-looking Statements And Information
Cautionary Statement About Forward-looking Statements And Information This presentation (and oral statements regarding the subject matter of this presentation) contains forward-looking statements intended to qualify for the “safe harbor” from liability established by the Private Securities Litigatio
Slide 42: Cautionary Statement About Forward-looking Statements And Information
Cautionary Statement About Forward-looking Statements And Information • Trends and growth opportunities in relevant markets, including Quanta's ability to obtain future project awards; • Delays, deferrals, reductions in scope or cancellations of anticipated, pending or existing projects as a result
Slide 43: Cautionary Statement About Forward-looking Statements And Information
Cautionary Statement About Forward-looking Statements And Information • The potential that Quanta's participation in joint ventures or similar structures exposes Quanta to liability or harm to its reputation as a result of acts or omissions by partners; • The inability or refusal of customers or thi
Slide 44: Reconciliation of Adjusted Net Income from Continuing Operations Attributable to Common Stock
Reconci ation of Adjusted Net Income from Continuing Operations Attributable to Common Stock For the Years Ended December 31, (in thousands) (Unaudited) 2015 2016 2017 2018 2019 2020 Reconciliation of adjusted net income from continuing operations attributable to common stock: Net income fiom contin
Slide 45: Reconciliation of Adjusted Diluted Earnings Per Share from Continuing Operations
ation of Adjusted Diluted Earnings Per Share from Continuing Operations Attributable to Common Stock Reconciliation of adjusted diluted earnings per share: Diited eamings per share from continuing operations attributable to common stock (GAAP as reported) ser ‘Acquisition and integration costs Asset
Slide 46: Reconciliation of Adjusted Net Income from Continuing Operations Attributable to Common Stock
Reconciliation of Adjusted Net Income from Continuing Operations Attributable to Common Stock For the Years Ended December 31, in thousands) (Unaudited) 202% 2022 2023 2028 2025 Reconciliation of adjusted net income from continuing operations attributable to common stock: Net income from continuing
Slide 47: Reconciliation of Adjusted Diluted Earnings Per Share from Continuing Operations
Reconciliation of Adjusted Diluted Earnings Per Share from Continuing Operations Attributable to Common Stock For the Yoars Ended Decomber 31, (Unaudited) Reconciliation of adjusted diluted earnings per share: 2024 2022 2023 2024 2025 Diluted earnings per share from continuing operations attibuteble
Slide 48: Reconciliation of EBITDA and Adjusted EBITDA
RECONCILIATION OF EBITDA AND ADJUSTED EBITDA For the Years Ended December 31, (in thousands) (Unaudited) 2015, 2016 2017 2018 2019 2020 2024 Net income from continuing operations attributable to common stock (as, defined by GAAP) S 120.206 $ 198,725 $ 314978 $ 293346 $§ 402044 $ 445,596 $ 405,956 In
Slide 49: Reconciliation of EBITDA and Adjusted EBITDA
RECONCILIATION OF EBITDA AND ADJUSTED EBITDA For the Years Ended December 31, {in thousands) (Unaudited) As of April 30, 2026 Estimated Guidance Range 2026E 2022 2023 2024 2025 Low Midpoint High Net income from continuing operations attributable to common stock (as defined by GAAP) S 491,189 § 744,6
Slide 50: Reconciliation of Free Cash Flow
RECONCILIATION OF FREE CASH FLOW Net cash provided by operat operations (GAAP as reported Less: Net capital expenditures: Capital expenditures Cash proceeds from sale of property and equipment and related insurance settlements Net capital expenditures Free Cash Flow ip activites of continuing Adjust
Slide 51: Return on Invested Capital
Return on Invested Capital For the Years Ended December 31, (dollars in thousands) (Unaudited) 2014 2015 2019 2020 2024 2025 Net income from continuing operations attributable to common stock (as defined by GAAP) s 120,286 s 445,596 s 1,028,378 Interest expense, net of interest income 6.531 42,564 2
Slide 52: Reconciliation of Backlog
RECONCILIATION OF BACKLOG As of December 31, {in thousands) (Unaudited) 2018) 2019 2020 201 12Month Total 12 Month Total 12Month Total 12Month Total Remaining performance obligations S 3,097,004 S$ 4681471 S$ 3153616 $ 5302451 § 2038363 S 3985384 § 4819551 S$ 5895,395 Estimated orders under MSAs and
Slide 53: Estimated Long-Term Non-GAAP Financial Measures
ESTIMATED LONG-TERM NON-GAAP FINANCIAL MEASURES We have not provided the most directly comparable GAAP financial measures, or a quantitative reconciliation thereto, for the forward-looking information for the 2030 Target estimated amounts related to organic revenues, organic operating income, adjust